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Ito, Ward - 6(1), Kolkata , Kolkata vs M/S. Dhara Vyapaar Pvt. Ltd., , Kolkata on 28 December, 2018 cites

Commissioner Of Income-Tax, New ... vs East West Import & Export (P) Ltd.,(Now ... on 8 February, 1989

".6. The onus cast upon the assessee under Section 68 of the Act to satisfy the department about the true identity of an investor, its creditworthiness and' genuineness of a transaction was explained by the Supreme Court in CIT Vs. Lovely Exports (P) Ltd., 216 CTR 195. Whilst, the Assessing Officer acted legitimately in enquiring into, the matter, the inferences drawn by him were not justified at all in the circumstances of the case. Whether the assessee company charged a higher premium or not, should not have been the subject matter of the enquiry in the first instance. Instead, the issue was whether the amount invested by the share applicants was from legitimate sources. The objective of Section 68 is to avoid inclusion of amount which is suspect. Therefore, the emphasis on genuineness of all the three aspects, identity, creditworthiness and the transaction. What -is disquieting in the present case is when the assessment was completed on 31.12.2007, the investigation report which was specifically called from the concerned department in Kolkata was available but not discussed by the Assessing Officer. Had he cared to do so, the identity of the investors, the genuineness of the transaction and the creditworthiness of the share applicants would have been apparent. Even otherwise, the share applicants' particulars were available with the Assessing Officer in the form of balance sheets income tax returns, PAN details etc. While arriving at the conclusion that he did, the Assessing Officer did not consider it worthwhile to make any further enquiry but based his order on the high nature of the premium and certain features which appeared to be suspect, to determine that the amount had been routed from the assessee's account to the share applicants' account. As held ITA No.1754/Kol/2017 Assessment Year: 2012-13 ITO Wd-6(1), Kol. Vs. M/s Dhara Vyapaar Pvt. Ltd. Page 20 concurrently by the CIT (Appeals) and the ITAT, these conclusions were clearly baseless and false. This Court is constrained to observe that the Assessing Officer utterly failed to comply with his duty considers all the materials on record, ignoring specifically the most crucial documents. We place these observations on the record and direct a copy of the judgment to be furnished to the concerned income tax authorities for appropriate action towards reflecting these observations suitably in service record of the concerned Assessing Officer to avoid such instances in the future.
Supreme Court of India Cites 5 - Cited by 633 - M Rangnath - Full Document

Dy.C.I.T., Central Circle, Agra vs M/S Vacmet Packagings (India) Pvt. ... on 14 June, 2018

Further Your honour {2014} 45 taxmann corn 204 (Allahabad) HIGH COURT OF ALLAHABAD Commissioner of Income-tax (Central)' v Vacmet Packaging (India) (P) Ltd*_ accordance with law, but it cannot be regarded as undisclosed income of assessee- company Similar view has been expressed by Hon'ble Delhi High Court in case of CIT v Divine Leasing and Finance Ltd ~0081 299 ITR 268 (Delhi) The Hon'ble Rajsthan High Court has taken similar view in case of CIT -v Shree Barkha Synthetics Ltd [2003] 182 CTR 175 and again reported in 197 CTR 432 Earlier, the Hon'ble Delhi High Court in case of CIT v Steller Investment Ltd [1991] 192 ITR 287 has taken similar view and this decision of Hon'ble Delhi High Court has been affinned by Hon'ble Supreme Court in CIT v Steller Investment Ltd [20011251 ITR 263 Wherein it is held that-
Income Tax Appellate Tribunal - Agra Cites 12 - Cited by 25 - Full Document

Commissioner Of Income-Tax vs Steller Investment Ltd. on 20 July, 2000

Further Your honour {2014} 45 taxmann corn 204 (Allahabad) HIGH COURT OF ALLAHABAD Commissioner of Income-tax (Central)' v Vacmet Packaging (India) (P) Ltd*_ accordance with law, but it cannot be regarded as undisclosed income of assessee- company Similar view has been expressed by Hon'ble Delhi High Court in case of CIT v Divine Leasing and Finance Ltd ~0081 299 ITR 268 (Delhi) The Hon'ble Rajsthan High Court has taken similar view in case of CIT -v Shree Barkha Synthetics Ltd [2003] 182 CTR 175 and again reported in 197 CTR 432 Earlier, the Hon'ble Delhi High Court in case of CIT v Steller Investment Ltd [1991] 192 ITR 287 has taken similar view and this decision of Hon'ble Delhi High Court has been affinned by Hon'ble Supreme Court in CIT v Steller Investment Ltd [20011251 ITR 263 Wherein it is held that-
Supreme Court of India Cites 0 - Cited by 355 - Full Document

Nemi Chand Kothari vs Commissioner Of Income-Tax And Anr. on 2 September, 2003

The related Bank Statements are attached hereto. In the Bank Statement, the transactions relating to the allotment of shares are duly reflected. Therefore, all the relevant documents have been provided that may be reasonably treated as sufficient to substantiate that the company has entered into a genuine transaction with the shareholders as well as by providing the details mentioned above, the existence and identity of the investing companies has also been justified. As held in the case of Nemi Chand Kothari v. CIT [2003] 264 ITR 254 (Gau.) where in it was held that it cannot be said that a transaction, which takes place by way of cheque, is invariably sacrosanct. Once the assessee has proved the identity of his creditors the genuineness of the transactions, and the creditworthiness of his creditors vis-a-vis the transactions which he had with the creditors, his burden stands discharged and ITA No.1754/Kol/2017 Assessment Year: 2012-13 ITO Wd-6(1), Kol. Vs. M/s Dhara Vyapaar Pvt. Ltd. Page 6 the burden then shifts to the revenue to show that though covered by cheques, the amounts in question, actually belonged to, or was owned by the assessee himself.
Gauhati High Court Cites 7 - Cited by 229 - I Ansari - Full Document
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